Still, it is worth remembering the specifics of the Turnberry deal, because some were quite peculiar. Given that Europe has 30% more people and only a slightly smaller economy (in purchasing power terms) than the US, standard bargaining theory would imply that any deal would be roughly symmetrical. Instead, it was entirely one-sided. In addition to the US imposing unfair tariffs on European imports, Europe committed itself to investing in the US and purchasing US energy.
On July 27, the US and the EU announced a preliminary trade and investment deal in Turnberry, Scotland. But nothing was actually signed, and even if it had been, it would not have been worth the paper it was written on. After all, US President Donald Trump did sign a formal trade agreement with Canada and Mexico during his first term, only to tear it up as soon as he returned to office.
Any agreement with Trump therefore must be regarded as, at best, a temporary truce. It will hold only until America’s capricious leader sees or hears someone or something that makes a new whim official policy.
